$TSLA earnings out. Brutal losses across the board. Can't see how Elon sticks with DOGE while Tesla is burning like this.

Next earnings will likely be even worse..

Elon is out at DOGE. Tomorrow's headline is $399 million in income from operations, which is only positive because of expiring $595 million credits from governments.

I would bet those credits won't ever renew (e.g. Canada clawing back $30.11 million), and then we'll see FCF fall by a few hundo million Q1 2026.

Oof.

Also related. Wall Street voted "no" to shaking the snow globe.

Also related. Wall Street voted "no" to shaking the snow globe.

https://www.ft.com/content/98174536-161e-48ef-ae4a-8c1025878523

Lutnick has looked great on camera and has saved the new admin from worse conditions. I bet he stays a bit longer.

Pretty sure this marks the end of Lutnick, I'd imagine Bessant going to get free range to pick who succeeds Lutnick, don't see navaro gone from admin but he's going to be reasigned to some corner of a basement

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

I heard Steve Davis has been running it for the last couple weeks solo.

“out at DOGE”

I have a bridge to sell you too. :)